Fitch Ratings has affirmed the ratings on all classes of
The Rating Outlooks remain Stable for all classes.
RATING ACTIONS
Entity / Debt
Rating
Prior
GRACE 2020-GRCE
A 38406JAA6
LT
AAAsf
Affirmed
AAAsf
B 38406JAE8
LT
AA-sf
Affirmed
AA-sf
C 38406JAG3
LT
A-sf
Affirmed
A-sf
D 38406JAJ7
LT
BBB-sf
Affirmed
BBB-sf
X 38406JAC2
LT
AA-sf
Affirmed
AA-sf
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VIEW ADDITIONAL RATING DETAILS
KEY RATING DRIVERS
Stable Performance: The affirmations reflect stable property performance that remains in line with issuance expectations, along with the high quality and prime location of the collateral, and institutional sponsorship.
As of the
The updated Fitch sustainable NCF is
According to Costar, the submarket vacancy and availability rates and average asking rents were 14%, 19.6% and
Trophy Office Collateral in Prime Manhattan Location:
Long-Term Creditworthy Tenancy; Limited Near-Term Rollover: Investment-grade tenants include Bank of America (10.0% of the NRA,
Experienced Sponsorship:
Fitch Leverage: The
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
Although not expected given the trophy- and high-asset quality and prime location of the collateral, downgrades and/or Negative Outlooks, are possible should property NCF, occupancy, and/or market conditions deteriorate beyond Fitch's view of sustainable performance.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
Upgrades are not likely given the headwinds facing office properties and single-event risk. The current ratings reflect Fitch's view of sustainable performance; however, upgrades are possible with significant and sustained improvement of submarket fundamentals and Fitch NCF.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores.
Additional information is available on www.fitchratings.com
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